The Power of Data
- Elijah Raji
- May 21, 2019October 02, 2018
Data refers to a set of statistics or facts collected together for analysis. In a bid for more effective governance, public sector players have been gradually making use of data. Some enterprise solutions for data services include Statistics Canada, ESRI, Canadian International Development Program and Townfolio.
Data can be used in a variety of ways in governance: Strategy Development, Community Health, Benchmarking, Marketing and Community Health.
Strategy Development
- Data can be used to build out 10 year, 20 year or 30 year plans based on an adequate trend analysis of previously accumulated data. Data can help public sector organizations understand the active relationships of stakeholders within their community and build those relationships for stronger communities.
Community Health
- Data can also be used to gauge community health. Townfolio’s ability to refine data has helped build amazing dashboards for community leaders to track and measure the performance of local communities in key indicators. This can play a major role in making a community more efficient and sustainable
Benchmarking
- Data can be used to determine a community’s standing. Community Leaders can use data to determine their standing in comparison to other communities. Based on a similar population, community leaders are able to determine if their income per capita is adequate or if there is more that can be done to make sure that their residents are making an adequate amount of money.
Marketing
- Benchmarking can also assist in marketing efforts. By finding data points where you excel over your peer communities, you are able to position yourself to attract investment for further development in your community. This kind of marketing gives businesses the confidence to expect a return on investment in your community and help businesses invest the right amount of capital in your community.
Data is increasingly a major part of private sector activities and business success. It’s time for the public sector to look at how data can help them better serve their communities and attract investment. As the amount of data available increases, we want to assure that Townfolio will be there to guide you through the process.